The 22-year-old appeared to be on his way out of Florence this summer amid interest from the Bianconeri and the Premier League champions, but insists he is happy to stay
As exclusively revealed by Goal.com last month, the Premier League champions were in advanced negotiations with the Serie A side over a move for the Montenegrin forward, and even indicated they were willing to meet the club's £23.6 million valuation of their prized asset.
And Jovetic has now revealed he personally called off talks with City after resolving to spend another year in Tuscany.
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"I stopped that negotiation [with City]," the 22-year-old told La Gazzetta dello Sport.
"By the time they had made their move from England I had already decided that I would be staying in Florence."
Juventus were also eager to sign Jovetic in the summer transfer window, but the attacker is adamant he is happy with life at Fiorentina.
The Serie A champions had earmarked Jovetic as the perfect addition to their attack, but eventually failed to agree terms with the Viola over a transfer fee.
Nevertheless, the Montenegro international is by no means upset over Fiorentina's insistence to hold on to him, and is pleased to still be with the Artemio Franchi side.
"I have to admit that Juventus tried hard to sign me," Jovetic continued.
"Of course that made me think, but that's only normal. The chance to play in the Champions League, to play a key role in a project, the entire atmosphere at the club.
"But there's no need to go to Turin for that, as I have that here as well.
"I don't have any regrets that the move didn't materialise. I'm happy at Fiorentina. It's true that the president convinced me to stay here, but talks were always positive."
Jovetic is under contract with Fiorentina until June 2016, but his current club have told him that he will be allowed to leave at the end of the 2012-13 campaign.